Wednesday, May 22, 2013

Crazy Car Prices in Singapore but everyone's lapping it up!

This is my 10yr old mitsubishi car in Australia. I bought it for aud$2.5k(yes, it is only $2,500) in 2004 as a student. I sold it for aud$1k($1,000) to a used-car dealer after I graduate. In comparison to Singapore car prices? *GULP* Not an apple to apple comparison... but still it is crazy prices.

Anyway, I am in the market to replace an old car and went to see Audi A4 and Jaguar XF at the showrooms today. Well, I can only say the price has come down but is still higher than when i bought my mercs in 2009. Probably a good $40k higher(as compared to the prices of Audi and XF then).

An interesting thing about everyone's lapping it up. Why? Well, I went to the Audi showroom and there is no fewer than 3 CHINA couple looking at it. I think I was the only singaporean buyer at that time. But can you imagine how much RICH FOREIGN people there are in Singapore. Overheard one of the CHINA husband on the phone talking looking at cluster-landed housing and met him on my way to the carpark and he was driving a brand new Mercs R-class, so he probably was buying for his wife? Overheard another China couple talking and they were telling the salesman they are looking for a WEEKEND CAR! wow.. i've heard of weekend homes, but they are in the market for a weekend car.

Probably will head down to Corals@Keppel to look at the showflat and see how many CHINA couple I can find there. Yes.. my nick name is "顺风耳".. hehe..

I am getting more and more convinced we are truly becoming the Financial Hub of Asia, the Monaco of Asia and the epicenter of ASIA.. where the HOT MONEY FLOWS.... Things will only get more expensive. No doubt about it.  Please don't hope for any major correction in housing prices or car prices if there is no major recession to scare people. But Corrections in Stock Market definitely will happen!

And finally, this is funny as hell . You just looked at the reaction of these multi-millions actor/actresses.


Anonymous said...

They should ban foreigners from owning cars in Singapore. Nothing good has come out of allowing them to own car:
1. Increased traffic
2. Raise COE prices
3. Cause more accidents
4. Raise car prices (well maybe not, but no.2 is true)

Wealth Journey said...

How about banning them from owning more private properties as well?

And How about creating a zone where ONLY FOREIGNERS are supposed to go. Probably Foreigners can go to our CCR(core central region as defined by URA). If travelled tO RCR and OCR, they must have special permit?


YJ72 said...

why should Singaporean who own multi cars be penalised. In fact, there should be exempted from bidding for COE since they do not contribute to the congestion as they have only a pair of hands and legs. If they are exempted from bidding for COE, then they will not be accused of depriving others of owning a car.

Please don't flame me, just sharing a radical thought

Wealth Journey said...

I would classify a personal vehicle as a luxury item.

Thus, I think the current COE system is correct. Pay for the entitlement to cause congestion on the road.

The ERP is to promote further the concept of car as a luxury item as it is usage-based. You use, you pay.

For the rest of us, I think we can take to public transport network.

I guess the government is going off course by consulting on how to improve the car ownership system. Rather, they should be focusing on how to make public transport so affordable and convenient to offer the public a VIABLE ALTERNATIVE to car ownership.